The Dollar has spent the last few days struggling to move, but it is ready to make its next move higher. Gold bears are also looking to pile on and take the precious metal lower.
After dropping to create a new quarterly low, the US Dollar Index spent the next few days in consolidation. Today the Dollar is pushing against 91.900 and in turn, looking to resume June’s uptrend. The next target would be this month’s high. The long-term target would be this year’s high at 93.400.
Gold prices had a tough month as bears were able to take charge and drive price to a low of 1760. With the Dollar bullishness expected, traders could see Gold take another dive down to April’s low. Traders can enter short once the price closes bearish below last week’s low on the daily time frame.
With June coming to an end, the first trading week of July will bring in another Non-Farm Payroll release. Current forecasts expect unemployment to drop to 5.6%. This result should help the Dollar edge higher.
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